RFC-000-013: Raise Minting Fee to .3%

I am against this proposal. This would raise the fees to the point RenVM is no longer competitive. It would discourage even more integrations. Below are exchange fees for 2020 for a comparison. Ren is in its growth phase. Lets not kill it please

RenVM       Mint Fee   Burn Fee

                    0.25%     0.1%    

Exchange    Maker      Taker
                    Fees        Fee
FTX             0.02%     0.07%
Binance       0.1%       0.1%
Bitfinex        0.1%       0.2%
BitFlyer        0.15%     0.15%
OKEx           0.1%       0.15%
Huobi           0.2%       0.2%
Kraken         0.16%     0.26%
KuCoin         0.1%       0.1%
Poloniex       0.09%     0.09%
Bittrex          0.2%        0.2%
Bitstamp      0.5%        0.5%
Coinbase     0.5%        0.5%
Gemini        0.25%       0.35%
Cex.io          0.16%       0.25%
TradeOgre   0.2%
STEX           0.2%        0.2%
qTrade         0%           0.5%

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These CEXs also have withdrawal fees.

Shouldn’t we also consider that as well? Perhaps you can add that to your data table?

RenVM also requires eth gas fees so maybe it balances out? Not sure.

I will look at withdrawal fees. I remember some months ago when the gas was really high, Binance said that it was losing money on withdrawals. it was charging less than the current rate of gas fees.

I am in favor of fees being raised, now is the time. If we aren’t trying to raise after what is in on pace for being our top epoch yet, then when would raising ever happen? Bottom line . The huge mints( from whales ) many of them don’t want kyc. And they happily pay extra for that factor

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Totally Against. We need to increase velocity!!! It is obvious btc rewards have been trending down literally every epoch yet we’re trying to milk our existing users? C’mon. In early stages you need growth not profit maximization. The mint fee needs to be .2% max perhaps .15%. jumping up to .25% was ridiculous.

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Trailing average of mint volume has been increasing even with the fee increases. Since our revenue has been positively impacted, we should continue increasing mint fees as to follow your framework that you set out for the community in RIP 000-001.

I am supportive of this motion to increase mint fees.

I also think it is very important to look at experimenting with increasing burn fees before we experiment with decreasing them.

See other reasons + my analysis for my support here. The findings are quite extraordinary:

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Excellent post . Huge +1

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I am in favor of raising the fee. RenBTC > wBTC.

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I am against raising minting fees due to the reason that people will just use sushiswap or uni instead.

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Increasing mint fee to 0.3%.

Pros:

  1. May discourage minting which will bring down TVL.
  2. May be a non-issue and increase fee revenues
  3. May increase TVB as it attracts more investors if fee revenues continue to go up

Cons:

  1. May drive users to use other solutions
  2. May discourage minting which will bring down fee revenues

Between the pros and cons, I am in favor of increasing the mint fee because it’s still early, there are no true strong competitors and the effect of the CONS are correctible in a subsequent epoch. Basically, if it proves to be a bad decision, it’s reversible. Just like what Michael Jordan said, “You miss 100% of the shots you don’t take.”

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I am in favor with the understanding that this is experimental for data collection purposes and can be rolled back in the event there is backlash from users or a significant decrease in volume.

Does this affect other host chains as well? i.e. Is it possible to keep the mint fee for renBTC on Ethereum .3% but mint fee on all other host chains .1% to start with? (BSC, Polkadot/substrate, etc…). Or am I misunderstanding that?

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Really? when was the last time we had a 1000 BTC mint, or even a 500 BTC mint? Not since the fees were raised. Also, the arbitrage bot stopped minting immediately after the mint fees were raised although it continued to burn at the original fees.

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I was and I’m still in favor of a mint increase to .3%.
Brings us to parity with Uniswap fees but without slippage.

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Totally against: look after 19/10

-Total BTC on ethereum: almost equal
-wbtc on ethereum: up
-renbtc on ethereum: firmly down

Market share, network effect, in my view the only way to make the net safe is growing TVL to stronger numbers and generating possitive feedback to price, addoption, income, nodes. This is the time to test it.

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Yes. Focus on velocity of transactions? Let allow arbitrage bot do its work, between other possibilities.

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After reading a few posts in here I realized my post has a small flaw, I did not take into consideration that we also had many new nodes joining the network at each epoch which reduced the revenue share, while mints did not go down as @preston pointed out. My bad.

I see no harm in exploring every avenue and have no issues with this raise of mint fees, I do however remain in my initial position to not be in favor simply because I am of the belief focus should be on incentivizing burns and velocity, not reducing mints.

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I am in favor of increasing the minting fee to 0.3%.

Lets continue the experiment.

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Agree with this wholeheartedly.

“This route of increasing mints seems like we are just decreasing revenue.”
Can’t agree more. We should be aiming to increase our btc per epoch rewards…C’mon

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It would be super helpful if you could share your market share analysis broken down by percents if you’re going to use those charts.

“We had x% market share of btc on ethereum on this date, and that changed to y% on this date after we increased fees.”

I’m still supporting increase, but if the data were presented that way, it would be quite insightful for all of us as another viewpoint.

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I’m thinking of doing a request for comment for decreasing mints fees and Will try to present both un linear and percentage. Yes.

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